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Pakistan

Utilising Roosevelt Hotel: ECC forms committee to negotiate with New York City

  • Will hold talks with city government and the Hotel Union to utilise premises over a period of three years for migrant business at $200 per room per day, according to Finance Division's statement
Published April 28, 2023

The Economic Coordination Committee (ECC) approved the formation of a four-member negotiating committee to hold talks with the New York City Government and the Hotel Union after it was informed of an offer to utilise The Roosevelt Hotel over a period of three years for migrant business at $200 per room per day.

As per a statement released by the Finance Division on Friday, the Ministry of Aviation submitted a summary on challenges and re-opening of The Roosevelt Hotel, New York and informed that PIA Investment Limited (PIA-IL) management has received an opportunity offered by the government of New York City to utilise the hotel (1,025 rooms) over a period of three years for migrant business at $200 per room per day.

After its discussion, held under the chairmanship of Finance Minister Ishaq Dar, the ECC approved the recommendations, and formed a committee to be led by the Secretary Aviation Division.

“The ECC also allowed PIA-IL/ RHC (Roosevelt Hotel Corporation) to utilise the funds of $1.145 million from the available balance as bridge financing to commence the re-opening work at The Roosevelt Hotel,” read the statement.

Aviation minister rejects reports about sale of Roosevelt Hotel

Meanwhile, the ECC, on a summary presented by the Ministry of National Health Services, Regulations and Coordination on increase in maximum retail prices of drugs in the wake of devaluation of Pak Rupee and inflation, also allowed manufacturers and importers to increase their existing Maximum Retail Price (MRPs) of essential drugs equal to 70% increase in Consumer Price Index (CPI) (with a cap of 14% ) and MRPs of all other drugs and lower priced drugs an increase up to 70% in CPI (with a cap of 20%) on the basis of average CPI for current year i.e. 1st July, 2022 to 01st April, 2023.

The increase was allowed with a condition that it should be considered as annual increase for the financial year 2023-24 and no increase under this category will be granted in next financial year.

“The ECC further advised the policy board to review the situation after three months i.e. in July 2023 and make its recommendations to the federal government regarding price decrease if Pak rupee appreciates its value,” it added.

Roosevelt Hotel: PC board approves ToR for hiring FA

The ECC also considered and approved a summary of Ministry of National Food Security and Research regarding the fixation of wheat procurement targets for the provinces of Sindh, Punjab, and Balochistan for Wheat Crop 2022-23 along with Cash Credit Limit.

The Sindh government has been assigned a procurement target of 1.400 MMT, with a procurement price of Rs4,000/40 Kg.

The Government of Punjab has been assigned a procurement target of 3.500 MMT with a procurement price of Rs3,900/40 Kg.

Lastly, the Government of Balochistan has been assigned a procurement target of 0.100 MMT with a procurement price of Rs3,900/40 Kg.

The ECC considered and approved Rs35 million additional funds as Technical Supplementary Grant in favour of the Ministry of Interior for establishment of Passport Processing Centers (PPCs) at tehsil level in 30 administrative units throughout the country and creation of 30 posts of MRP Operational officers in the Department of Immigration and Passports.

This is subject to the approval of the Austerity Committee.

The ECC also approved Rs450 million in favour of Ministry of Interior as Technical Supplementary Grant to meet the Operational requirements of ICT Police regarding its liabilities and training of recruits, the Finance Division statement added.

Comments

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TimeToMovveOn Apr 28, 2023 04:22pm
Why is the government in the busineess of running hotels. The property tax that Pak is paying on this hotel without any revenues is insane. They could easy sell this hotel to conduct the elections.
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Mohammad latif Apr 28, 2023 05:14pm
This hotel should be sold ( will easily get around $1.80 billion dollars) and also another hotel in Paris should be sold and raise foreign reserves instead of begging IMF focus on country’s resources and like hydrocarbons and iron ore gold mines stones : work on them ::::: then sell them to the world and get huge money and that will bring down dollar to almost rs30/ dollar but our elite is so fixed on borrowing money and living like kings life shame on them
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Yogesh(India) Apr 28, 2023 06:20pm
Pak must sell these properties.These things never makes profit.Learn something from China ...
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Tulukan Mairandi Apr 28, 2023 06:22pm
This hotel is over run by vagabonds and beggars. Basically the hotel personifies Pakistan. Also how on earth is $1 millon plus sufficient to restore even 2 rooms, let alone the entire dilapidated hotel.
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Yousaf Hyat Apr 28, 2023 11:46pm
Who are the members of EEC council ?? No mention in the report, 1.5 million going to be spent on Roosevelt hotel .. ??? Why if NYC NewYork City wants it then let them fix it to code so that illegal Hispanic immigrants can live there . . They can deduct from rent .. we need cash here In pakistan
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Truthseeker Apr 29, 2023 01:19am
Crooks want to fill their pockets!
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Muhammad Ali Apr 29, 2023 09:55am
No business in public sector could earn profit ever due to inherent defect in us. Look at Railways, DISCOs and dozens others. Basically lack of supremacy of law is mother of all evils which gives loopholes to powerful people to manipulate things for their personal gains. Our system has given opportunity for mushroom growth of plunderers & dacoits who have lately crippled the state.
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